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Recent Russia research
|Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017|
|Russia: Jumbo tax reform, Christopher Granville, Madina Khrustaleva, 3 Mar 2017|
|Russia: More good news on the macro-policy front, Christopher Granville, Madina Khrustaleva, 8 Feb 2017|
|Russia: Pay attention to Kudrin, Christopher Granville, 31 Jan 2017|
|Russia-Saudi oil axis: Gain without pain, James Henderson, Christopher Granville, 19 Dec 2016|
See all our Russia research >>
Russia’s fiscal slide: Causes, cure and investment implications
Now is the right time of year for investors to take stock of Russia’s fiscal position and prospects, and there are stronger reasons for paying close attention to this subject today than at any time in the past decade. The federal budget has fallen into a structural deficit caused mainly by pensions. An oil price cure would work only at an unlikely and problematic long-term level of US$110/bbl. Projections coming out of this year’s budget round assume no falls in the oil price from...